Dollar strength also boosted by anxiety ahead of key US nonfarm
Gold prices were slightly volatile on Wednesday after a decline in the previous session caused futures to lose key gains, while the strength of the dollar continued to weigh on overall metal prices.
Copper prices also steadied on Wednesday after losing key levels in the previous session, pressured by a stronger dollar and a slew of weak manufacturing data from around the world.
However, some signs of recovery in the US manufacturing sector and construction spending boosted the dollar as markets worried that the resilience of the US economy would give the Fed enough room to continue. continue to increase interest rates.
This concept has influenced the price of gold and most other metals, which can be lost in a higher interest rate environment.
Spot gold was flat at $1,949.88 an ounce, while December gold futures were flat at $1,986.35 an ounce at 20:23 ET (00:23 GMT). Both instruments slid between 0.6% and 1% on Tuesday, with gold futures also losing the key $2,000 an ounce level.
XAUUSD SELL 1961 - 1963
✅ TP1: 1957
✅ TP2: 1952
❌ SL: 1968
Copper prices also steadied on Wednesday after losing key levels in the previous session, pressured by a stronger dollar and a slew of weak manufacturing data from around the world.
However, some signs of recovery in the US manufacturing sector and construction spending boosted the dollar as markets worried that the resilience of the US economy would give the Fed enough room to continue. continue to increase interest rates.
This concept has influenced the price of gold and most other metals, which can be lost in a higher interest rate environment.
Spot gold was flat at $1,949.88 an ounce, while December gold futures were flat at $1,986.35 an ounce at 20:23 ET (00:23 GMT). Both instruments slid between 0.6% and 1% on Tuesday, with gold futures also losing the key $2,000 an ounce level.
XAUUSD SELL 1961 - 1963
✅ TP1: 1957
✅ TP2: 1952
❌ SL: 1968
